In addition to client engagement, key wealth management applications for the technology include advisor enablement, investment ideation and risk management, says Will Trout, head of wealth management research at Celent.

"The service could be extended even to deliver advice," Trout says. "So it's like a chatbot, but relationship-centered, and not transactional, like most of the retail banking chatbots. Plus, it has very strong natural language processing and generation capabilities. Don't underestimate Amazon."